There are businesses that make their mark as a one-stop shop for a broad range of needs. However, these are few and far between. The most successful companies have a story, a vision, and their product or service catalog a based on that brand. Therefore, it is worth looking at your offerings to look for ways to build your business by reducing offerings.
Analysis Paralysis
There have been studies done to show that more options can be a deterrent to conversions. A potential customer may want to get in, make a purchase, and get out. Thus, if you provide too many options, you are just slowing down their attempt to reach a goal. Starkly different offerings that make it easy to discern the difference between options is required in many cases. That does not seem to be as significant a limiting factor as when the choices are difficult to differentiate. For example, a cell phone that has ten options where the only difference is color can be off-putting.
Focus
While it is essential to consider the impact on customers and conversions, there is also the idea of brand definition. When you think of an iconic brand, you often think of a single product. This includes Kleenex, Coke, Netflix, and (to a lesser extent) Apple. These companies have more than one product. However, every product points to a single voice or position. There is a logical step from their offerings back to that brand or vision.
It is not uncommon to struggle with a desire to offer more things to more people. However, that does not mean we should not fight it. In fact, the landscape is littered with companies that died because they were unable to focus.
Simplify and Grow
Just as sports teams that suffer a few losses offer the idea that they need to get back to basics, businesses can do the same. When you find yourself floundering or sales flat-lining, then it is worth reviewing your offerings and whether or not you need to simplify and get back to your focus. After all, what use is a vision if we do not use it as our guide?
